According to recently concluded
research reports, mobile banking software or apps used for conducting banking
operations through a mobile device promotes faster completion of financial
work. This and the fact that banking can now be conducted anytime anywhere by
using this software, makes banking mobile apps the preferred option among
today’s bank customers. Let us take a look at few advantages that banking
mobile applications provide:
1. Time effective – Even when you
are working or commuting, checking the balance in your account, managing and
scheduling payments, adding a top up in your credit card, opening new accounts,
and transferring money from one account to another is now possible at the click
of just a few buttons. Since paying visits to banks is no longer essential, it
saves up on time for a customer.
2. Easy to use – The banking
mobile apps are designed in such a way as will enable even a non technical
customer to conduct financial operations anytime and from anywhere. Thus, one
does not have to pay extra for conducting banking transactions while shopping,
traveling, or even while out on a holiday.
3. It is a secure option – Most
financial institutions now offer security codes to their mobile customers in
order to ensure added security while using apps for making transactions.
Contrary to the popular belief that mobile banking apps are not secure, these
types of software are now offering enhanced security features to their customers.
The possibility of fraud is also reduced since the customers using mobile
banking apps are alerted via SMS every time an activity is conducted in their
accounts. As soon as money is deposited or withdrawn from bank accounts through
activities such as fund transfer, check deposit, or cash withdrawal, the
customer will receive an SMS alert on his/her mobile device irrespective of
whether the smartphone is connected to the internet or not.
4. Two way benefits – Banking
through the use of mobile apps benefits not only the customers but also the
financial firms. It is a cost effective solution for banks, since they no
longer have to spend on tele-banking. Moreover, it helps the banks understand
the way their customers make monetary transactions, and hence they can
improvise on means to better their customer care services. They can also
identify their target customers better and promote services and products such
as different types of loans and credit cards to this section of audience.
5. Reduces total cost incurred by
customer – The financial firms offer mobile banking services at prices lower
than what the customer would have to incur if he/she had to be involved in
normal banking transactions where visiting the financial firm would be
necessary.
6. Mobile banking is better than
internet banking – The advent of banking mobile apps has transformed the face
of banking like even internet facilities could not. This is because of the fact
that in the case of the latter, having a computer with an internet connection
is mandatory. But in the former, just having a smartphone is enough.
Connectivity is no longer a problem in an age where Wi-Fi surroundings are
available in most areas, even remote localities. The cost is lower in the case
of banking with the help of mobile apps; moreoverScience Articles, the system
is also portable.
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